U.S. Treasurys rise after housing starts

NickGodt

NEW YORK (MarketWatch) -- U.S. Treasurys rose early on Tuesday, sending yields lower, following news of a 9% jump in housing starts and a 2.5% drop in building permits in February. The benchmark 10-year Treasury bond was up 2/32 at 100 17/32, yielding 4.553%. "We are more interested in permits as they are much less weather-affected than starts," said Ian Shepherdson, chief U.S. economist at High Frequency Economics, in a note. In addition, he noted that single-family homes, fell at a 17.7% annualized rate in the three months to February from the previous three months. "This is a less rapid drop than in [the second half] of last year but it is still clearly a decline," Shepherdson said. "Excess inventory is still a huge problem."

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